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Wednesday, April 29, 2015
Pet store planned at Drexel Town Square
April 29, 2015 10:24 AM
Terre Haute, Ind.-based Thompson Thrift Development Inc. plans to build a 16,267-square-foot retail building, anchored by a pet store, in the Drexel Town Square development in Oak Creek.

Drexel Town Square is the 86-acre mixed-use development, led by Wispark LLC, that is under construction southwest of Drexel and Howell avenues.

The Thompson Thrift building is planned for a 1.5-acre outlot along the south side of Drexel Avenue in front of the Meijer store that is under construction at Drexel Town Square.

The building will have a 12,250-square-foot space for a pet store and a 4,017-square-foot space for another store. No information about the specific tenants was provided in information submitted to the city. Wispark president Jerry Franke declined to provide additional information.

One source said that the pet store at Drexel Town Square will be PetSmart.

The Drexel Town Square development will also include: a Water Street Brewery bar and restaurant, a Chick-fil-A restaurant, a Four Points by Sheraton hotel, a City Hall and Library building, a Froedtert health care facility, a mixed-use Main Street, a town square park and luxury apartments.

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Home foreclosures decrease in metro Milwaukee area
April 29, 2015 10:53 AM
Foreclosure rates in the metro Milwaukee area dipped 0.97 percent in February, down from 1.18 percent in February of 2014, according to the latest report from CoreLogic.

Read more in the BizTracker, BizTimes Milwaukee’s compilation of economic data reports.

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Industrial building planned in New Berlin for Spincraft
April 29, 2015 11:03 AM
James Luterbach Construction Co. Inc. plans to build a 72,000-square-foot industrial building on a vacant 11-acre site at 16100 W. Beloit Road in New Berlin, according to plans submitted to the city.

The building is planned for a specific tenant, but Luterbach has not disclosed who it is. In its submission to the city, Luterbach said the proposed industrial building is for, “a company that requires very high tech assemblies that are engineered, formed, machined, and fabricated, to extremely precise tolerances in the aviation and related industries. This is an accessory and expansion use to an existing New Berlin company (Wisconsin headquarters) that has owned its facility for approximately 30 years.”

Based on that description, the building could be planned for Spincraft. Spincraft is a unit of the engineering technologies group of Salem, N.H.-based Standex International Corp. The group’s components and assemblies can be found in a variety of advanced applications for the aerospace, aviation, defense, energy, industrial, medical, and marine markets. Spincraft has a 115,000-square-foot facility at 2455 Commerce Dr. in New Berlin.

A Spincraft employee told BizTimes that the company is planning a second building that would be built on Beloit Road. She declined to provide additional information.

Initially, about 20 people will work at the facility that Luterbach plans to build on Beloit Road, according to the information submitted to the city. The plans also indicate that a future building addition could be built to the north. When fully developed the site could have two 100,000-square-foot buildings, according to information submitted by the city of New Berlin to Waukesha County.

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L'BRI PURE n' NATURAL buys Gearbox Express building in Mukwonago
April 29, 2015 11:06 AM
Mukwonago-based L'BRI PURE n' NATURAL, a direct seller of aloe based skin care, body care, beauty and health and wellness products, will move to a larger building in the village.

An affiliate of L’BRI purchased a 43,000-square-foot industrial building at 909 Perkins Dr. in Mukwonago, currently occupied by Gearbox Express, for $2.475 million, according to state records. The building, located on a 5.5-acre site, was sold by an affiliate of Madison-based Sara Investment Real Estate.

L’BRI will move its operations to the building. It currently occupies 15,000 square feet of space at 640 Perkins Dr.

Gearbox Express, which rebuilds gearboxes for wind turbines, plans to move to a 75,000-square-foot industrial building that Sara Investment Real Estate is building southwest of Highway 83 and East Wolf Run in Mukwonago. That project is expected to be complete in January of 2016.

Gearbox moved to the 909 Perkins Drive building, which was built in 2000, from Hartland when it was a start-up company and has grown so much since then that it needs more space.

The 909 Perkins Dr. property has an assessed value of $1.9 million, according to Waukesha County records. Sara Investment Real Estate purchased the building in 2011 for $1.75 million.

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Beck Aluminum to move from Racine to Mt. Pleasant
April 29, 2015 10:20 AM
The family of companies affiliated with Beck Aluminum will move from Racine to the former Bosch Group manufacturing plant at 7505 Durand Ave. in Mt. Pleasant.

The 192,000-square-foot building is owned by Milwaukee-based Phoenix Investors LLC. The deal was brokered by Barry Chavin of NAI MLG Commercial.

Beck plans to add an exterior 40,000-square-foot covered high bay scrap receiving area to the facility. The company also plans to install new state-of-the-art furnaces to melt and recycle aluminum alloys.

The plant is expected to open this summer. Beck plans to add 25 jobs in its new location.

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Commercial building planned on Sunny Slope in New Berlin
April 29, 2015 11:01 AM
Sunnyslope Investments plans to build a 8,000-square-foot, two-story commercial building at 2601 S. Sunny Slope Road in New Berlin.

Reflections Salon will occupy the entire 5,000-square-foot first floor of the building and Patera Architecture & Engineering will occupy the entire 3,000-square-foot second floor.

Patera Architecture & Engineering occupies the existing building on the site, which will be razed upon completion of the new building to make way for a new/remodeled parking lot.

Reflections will operate as a rental salon, renting individual rooms to hair stylists and other salon type businesses.

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Educators Credit Union to build branch in Pleasant Prairie
April 29, 2015 10:26 AM
Racine-based Educators Credit Union plans to build a 7,280-square-foot branch northeast of Highway 50 and 91st Avenue in Pleasant Prairie.

The plans for the credit union branch were approved Monday by the Pleasant Prairie Plan Commission. Construction is expected to begin in July or August.

The Pleasant Prairie branch will have six full-time employees.

Educators Credit Union is a closed charter credit union, serving the financial needs of anyone who lives and works in southeastern Wisconsin, with special emphasis on education, health care and government related employees. Educators Credit Union has 17 branch locations in southeastern Wisconsin, including two locations in Kenosha. The credit union has assets of more than $1.3 billion.

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Six southeastern Wisconsin projects get low income housing tax credits
April 29, 2015 10:22 AM
The Wisconsin Housing and Economic Development Authority recently announced that 25 projects in the state, including six in southeastern Wisconsin, have received low-income housing tax credits. The credits help fund affordable housing developments in the state.

The projects in southeastern Wisconsin that are receiving the low income housing tax credits from WHEDA are:
  • 1520 Clark Street, Racine, 74 units, $798,858, Lutherna Social Services
  • Fox Crossing II, Burlington, 32 units, $394,050, Bear Development LLC
  • Haymarket Lofts, Milwaukee, 72 units, $789,292, Lutheran Social Services
  • Layton Square, Cudahy, 57 units, $635,369, Bear Development LLC
  • Shoe Factory Lofts, Milwaukee, 55 units, $554,749, Keystone Development LLC
  • Harm Reduction Housing, Milwaukee, 24 units, $273,060, Cardinal Capital Management Inc.
Haymarket Lofts is an adaptive reuse of the building at 1300 N. 4th Street, along the Park East corridor in downtown Milwaukee.

Shoe Factory Lofts is also an adaptive reuse project for a two-building complex at 224 W. Washington St. in Milwaukee’s Walker’s Point neighborhood.

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Leases
April 29, 2015 10:56 AM

CBRE

JRS Distribution Inc. leased 211,610 square feet of space at 1333 S. Grandview Parkway, Sturtevant, from CenterPoint Properties Trust.

JRS Distribution Inc. leased 90,654 square feet of space at 1221 S. Grandview Parkway, Sturtevant, from CenterPoint Properties Trust.

OfficeMax Inc. leased 10,820 square feet of space at 5131 S. Towne Dr., New Berlin, from Towne-Luterbach LLC.

Amica Mutual Insurance Company leased 4,146 square feet of space at N17 W24222 Riverwood Place, Pewaukee, from NNN Riverwood Place LLC.

Tolt Solutions leased 3,200 square feet of space at W188 N11758 Maple Road, Germantown, from Ozaukee County Development Corp.

Vroom Vroom LLC leased 2,092 square feet of space at 704 W. Main St., Lake Geneva, from Angele and Nicholas E. Petros Trust.

Distribution Management Systems Inc. leased 953 square feet of space at N14 W23777 Stone Ridge Dr., Waukesha, from Stone Ridge II LLC.

Gerald Nell Inc.

Praga Motors NA LLC leased 6,000 square feet of industrial space at 3225 Gateway Road, Suite 600, Brookfield, from Sunset Investment Co.

Siegel-Gallagher

ActionCoach leased 2,027 square feet of office space in the Foundations Bank Building at N35 W23877 N. Highfield Ct., Pewaukee.

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Sales
April 29, 2015 10:58 AM

CBRE

Creekside PP LLC purchased 55 acres northeast of Green Bay Road and 93rd Street in Pleasant Prairie from SB1 Creekside Crossing LLC.

College Venture JV LLC purchased 63,480 square feet of space at 6213-69 S. 27th St., Greenfield, from Suburban Centers of Wisconsin Inc.

Costco Wholesale Corp. purchased 14.84 acres at W164 N9306 Water St. and N91 W16228 and W16262 Pershing Ave., Menomonee Falls, from CP-26 LLC.

Judson & Associates

Pewaukee Circle LLC purchased 37,897 square feet of space at W233 N2870 Roundy Circle West, Pewaukee.

An undisclosed buyer purchased a 9,960-square-foot building at N8 W22455 Johnson Dr., Pewaukee, from Hickory Wood of Delafield LLC.

Siegel-Gallagher

Luterbach Realty purchased 94,000 square feet of space at 5475 S. Westridge Ct., New Berlin, from RIM Properties LLCP.

Milwaukee View LLC purchased 6,600 square feet of space at 331 N. Broadway, Milwaukee, from Jennaro Bros.

Tailored Salon leased 1,701 square feet of office space at 234 W. Florida St., Milwaukee, from 234 Master LLC.

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Andrew Weiland This exclusive news bulletin is compiled by BizTimes Milwaukee reporter Andrew Weiland. This bulletin is published every Wednesday morning. Send real estate news tips to Andrew.Weiland@biztimes.com or call him at (414) 336-7120.


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